SINGAPORE: A 49-year-old woman has been arrested for her alleged involvement in a series of gold investment scams, the Singapore Police Force (SPF) said on Friday (May 24).
"Preliminary investigations revealed that the woman is believed to be involved in at least five cases of gold investment scams where victims were cheated of a total of more than S$5.4 million," the police added.
AdvertisementBetween January and February, the police received several reports of victims who were approached by a woman claiming to operate a gold brokerage company that sells gold at discounted price.
They were told to make payments through bank transfer ranging from S$261,000 to more than S$3.5 million, purportedly for purchasing gold, the police said.
"After payments were made, the woman did not fulfil the victims' purchase orders," said police.
Police identified the woman and arrested her on Wednesday, while a 24-year-old man is also assisting with investigations.
AdvertisementAdvertisementThe woman will be charged with cheating on Friday. If found guilty, she may be jailed for up to 10 years, and fined.
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